There’s something more important than marketing analytics: consistent and useful marketing analytics!
In a recent article (it’s linked below), data strategist Andreas Franson discussed the problems that organizations face when there’s a lack of consistency across management teams with respect to the key performance indicators that each team is using to determine success and to make forecasts.
The sales team talks about a particular conversion rate; marketing touts some cool brand awareness number; operations says that client engagement for a key service is high; and the CEO is completely confused as to whether all of this really adds up to success.
So what can you recommend for your organization? Franson tells us to first, develop high-level KPIs that are relevant and useful for determining success and making key decisions. Then, work back toward the data to figure out what needs to be collected, analyzed, and presented to help everyone at all levels to perform better. Finally, be open to revisions and improve the analytics stream.
To win at marketing analytics, you need high-level KPIs, relevant data to feed those KPIs, and the willingness to make tough decisions based on your analytical insights.
**To read Andreas Franson’s article, “In the absence of Data Strategy, Part 1: Meeting with the Management Team,” click here:
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Marketing Minute 108: "What's More Important than Marketing Analytics?" (Digital Marketing Strategy)
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Marketing Minute 108: "What's More Important than Marketing Analytics?" (Digital Marketing Strategy)
digital marketing analytics
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Begin with an end on mind, love the way you reverse engineer it (from top KPI to bottom KPI)!
Last week I did some light in person shopping, no high-ticket
items, at the conclusion of almost every transaction, I was asked for my phone
number. While traveling about I must have passed a large number of cell phone
towers, some well-hidden. With my mobile phone number, those merchants and associates
are able to track where I’ve been, where I’m may be going, the items purchased,
likely to purchase, in short, a moving mark to be marketed to, every living
hour of my day or night. Big brother, now becoming a reality in fact… with improved
satellite technology, a clear visual may soon be added too…along with criticism
of my choice of outfit…and my shoes that didn’t match my suit…